As filed with the Securities and Exchange Commission on September 3, 2019
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number:811-23227
SYNTAX ETF TRUST
(Exact Name of Registrant as Specified in Charter)
110 East 59th Street, 31st Floor
New York, NY 10022
(Address of Principal Executive Offices) (Zip Code)
Registrant’s Telephone Number, including Area Code:(212) 883-2290
Kathy Cuocolo, 110 East 59th Street, 31st Floor New York, NY 10022
(Name and Address of Agent for Service)
Copies to:
Kathleen H. Moriarty
Counsel to the Trust
Chapman & Cutler LLP
1270 Avenue of the Americas, 30th Floor
New York, New York 10020
Date of fiscal year end:December 31
Date of reporting period:June 30, 2019
Item 1: | Report(s) to Shareholders. |
The Semi-Annual Report is attached.
June 30, 2019
(Unaudited)
Security Description | Shares | Value |
COMMON STOCK—99.8% | ||
3M Co. | 388 | $67,256 |
Abbott Laboratories | 2,098 | 176,442 |
AbbVie, Inc. | 822 | 59,776 |
ABIOMED, Inc.(a) | 172 | 44,804 |
Accenture PLC, Class A | 466 | 86,103 |
Activision Blizzard, Inc. | 3,782 | 178,510 |
Adobe, Inc.(a) | 839 | 247,211 |
Advance Auto Parts, Inc. | 511 | 78,766 |
Advanced Micro Devices, Inc.(a) | 1,894 | 57,521 |
AES Corp. | 10,093 | 169,159 |
Affiliated Managers Group, Inc. | 651 | 59,983 |
Aflac, Inc. | 1,567 | 85,887 |
Agilent Technologies, Inc. | 1,233 | 92,068 |
Air Products & Chemicals, Inc. | 118 | 26,712 |
Akamai Technologies, Inc.(a) | 1,646 | 131,910 |
Alaska Air Group, Inc. | 1,230 | 78,609 |
Albemarle Corp. | 365 | 25,700 |
Alexandria Real Estate Equities, Inc., REIT | 228 | 32,169 |
Alexion Pharmaceuticals, Inc.(a) | 549 | 71,908 |
Align Technology, Inc.(a) | 282 | 77,183 |
Allegion PLC | 1,220 | 134,871 |
Allergan PLC | 558 | 93,426 |
Alliance Data Systems Corp. | 617 | 86,460 |
Alliant Energy Corp. | 941 | 46,184 |
Allstate Corp. | 1,266 | 128,740 |
Alphabet, Inc., Class A(a) | 30 | 32,484 |
Alphabet, Inc., Class C(a) | 30 | 32,427 |
Altria Group, Inc. | 3,818 | 180,782 |
Amazon.com, Inc.(a) | 23 | 43,553 |
Amcor PLC | 3,945 | 45,328 |
Ameren Corp. | 613 | 46,042 |
American Airlines Group, Inc. | 2,375 | 77,449 |
American Electric Power Co., Inc. | 714 | 62,839 |
American Express Co. | 236 | 29,132 |
American International Group, Inc. | 1,213 | 64,629 |
American Tower Corp. REIT | 163 | 33,325 |
American Water Works Co., Inc. | 1,094 | 126,904 |
Ameriprise Financial, Inc. | 374 | 54,290 |
AmerisourceBergen Corp. | 1,521 | 129,680 |
AMETEK, Inc. | 761 | 69,129 |
Amgen, Inc. | 367 | 67,631 |
Amphenol Corp., Class A | 1,029 | 98,722 |
Anadarko Petroleum Corp. | 556 | 39,231 |
Analog Devices, Inc. | 1,658 | 187,138 |
ANSYS, Inc.(a) | 1,750 | 358,435 |
Anthem, Inc. | 484 | 136,590 |
AO Smith Corp. | 1,421 | 67,014 |
Aon PLC | 129 | 24,894 |
Apache Corp. | 1,412 | 40,906 |
Apartment Investment & Management Co. REIT, Class A | 1,265 | 63,402 |
Security Description | Shares | Value |
Apple, Inc. | 895 | $177,138 |
Applied Materials, Inc. | 2,789 | 125,254 |
Aptiv PLC | 2,577 | 208,299 |
Archer-Daniels-Midland Co. | 6,348 | 258,998 |
Arconic, Inc. | 1,877 | 48,464 |
Arista Networks, Inc.(a) | 438 | 113,714 |
Arthur J Gallagher & Co. | 281 | 24,613 |
Assurant, Inc. | 610 | 64,892 |
AT&T, Inc. | 5,331 | 178,642 |
Atmos Energy Corp. | 1,232 | 130,050 |
Autodesk, Inc.(a) | 2,181 | 355,285 |
Automatic Data Processing, Inc. | 521 | 86,137 |
AutoZone, Inc.(a) | 69 | 75,863 |
AvalonBay Communities, Inc., REIT | 311 | 63,189 |
Avery Dennison Corp. | 1,172 | 135,577 |
Baker Hughes a GE Co. | 8,765 | 215,882 |
Ball Corp. | 659 | 46,123 |
Bank of America Corp. | 3,076 | 89,204 |
Bank of New York Mellon Corp. | 1,454 | 64,194 |
Baxter International, Inc. | 2,214 | 181,327 |
BB&T Corp. | 689 | 33,851 |
Becton Dickinson and Co. | 184 | 46,370 |
Berkshire Hathaway, Inc., Class B(a) | 841 | 179,276 |
Best Buy Co., Inc. | 1,959 | 136,601 |
Biogen, Inc.(a) | 284 | 66,419 |
BlackRock, Inc. | 129 | 60,540 |
Boeing Co. | 248 | 90,274 |
Booking Holdings, Inc.(a) | 24 | 44,993 |
BorgWarner, Inc. | 4,741 | 199,027 |
Boston Properties, Inc., REIT | 255 | 32,895 |
Boston Scientific Corp.(a) | 1,067 | 45,860 |
Bristol-Myers Squibb Co. | 1,360 | 61,676 |
Broadcom, Inc. | 432 | 124,356 |
Broadridge Financial Solutions, Inc. | 497 | 63,457 |
Brown-Forman Corp., Class B | 2,299 | 127,434 |
Cabot Oil & Gas Corp. | 4,082 | 93,723 |
Cadence Design Systems, Inc.(a) | 2,547 | 180,353 |
Campbell Soup Co. | 2,624 | 105,144 |
Capital One Financial Corp. | 952 | 86,384 |
Capri Holdings Ltd.(a) | 3,090 | 107,161 |
Cardinal Health, Inc. | 2,931 | 138,050 |
CarMax, Inc.(a) | 928 | 80,578 |
Carnival Corp. PLC | 1,082 | 50,367 |
Caterpillar, Inc. | 678 | 92,405 |
Cboe Global Markets, Inc. | 400 | 41,452 |
CBRE Group, Inc., REIT, Class A(a) | 497 | 25,496 |
CBS Corp., Class B, NVDR | 1,761 | 87,874 |
Celanese Corp. | 1,242 | 133,888 |
Celgene Corp.(a) | 670 | 61,935 |
Centene Corp.(a) | 2,576 | 135,085 |
CenterPoint Energy, Inc. | 5,824 | 166,741 |
CenturyLink, Inc. | 15,539 | 182,739 |
Security Description | Shares | Value |
Cerner Corp. | 1,593 | $116,767 |
CF Industries Holdings, Inc. | 703 | 32,837 |
CH Robinson Worldwide, Inc. | 515 | 43,440 |
Charles Schwab Corp. | 1,402 | 56,346 |
Charter Communications, Inc., Class A(a) | 440 | 173,879 |
Chevron Corp. | 3,212 | 399,701 |
Chipotle Mexican Grill, Inc.(a) | 349 | 255,775 |
Chubb Ltd. | 1,148 | 169,089 |
Church & Dwight Co., Inc. | 2,874 | 209,974 |
Cigna Corp. | 871 | 137,226 |
Cimarex Energy Co. | 1,777 | 105,429 |
Cincinnati Financial Corp. | 1,666 | 172,714 |
Cintas Corp. | 410 | 97,289 |
Cisco Systems, Inc. | 1,891 | 103,494 |
Citigroup, Inc. | 1,278 | 89,498 |
Citizens Financial Group, Inc. | 986 | 34,865 |
Citrix Systems, Inc. | 1,188 | 116,590 |
Clorox Co. | 1,414 | 216,498 |
CME Group, Inc. | 219 | 42,510 |
CMS Energy Corp. | 801 | 46,386 |
Coca-Cola Co. | 3,782 | 192,579 |
Cognizant Technology Solutions Corp., Class A | 2,099 | 133,056 |
Colgate-Palmolive Co. | 3,023 | 216,658 |
Comcast Corp., Class A | 4,077 | 172,376 |
Comerica, Inc. | 1,638 | 118,984 |
Conagra Brands, Inc. | 3,711 | 98,416 |
Concho Resources, Inc. | 394 | 40,653 |
ConocoPhillips | 660 | 40,260 |
Consolidated Edison, Inc. | 1,948 | 170,801 |
Constellation Brands, Inc., Class A | 690 | 135,889 |
Cooper Companies, Inc. | 267 | 89,950 |
Copart, Inc.(a) | 584 | 43,648 |
Corning, Inc. | 3,139 | 104,309 |
Corteva, Inc. | 1,284 | 37,968 |
Costco Wholesale Corp. | 1,492 | 394,276 |
Coty, Inc., Class A | 16,337 | 218,916 |
Crown Castle International Corp. REIT | 259 | 33,761 |
CSX Corp. | 419 | 32,418 |
Cummins, Inc. | 263 | 45,062 |
CVS Health Corp. | 6,368 | 346,992 |
Danaher Corp. | 463 | 66,172 |
Darden Restaurants, Inc. | 2,162 | 263,180 |
DaVita, Inc.(a) | 1,176 | 66,162 |
Deere & Co. | 569 | 94,289 |
Delta Air Lines, Inc. | 1,386 | 78,656 |
DENTSPLY SIRONA, Inc. | 760 | 44,354 |
Devon Energy Corp. | 3,766 | 107,406 |
Diamondback Energy, Inc. | 392 | 42,716 |
Digital Realty Trust, Inc., REIT | 1,080 | 127,213 |
Discover Financial Services | 1,113 | 86,358 |
Discovery, Inc., Class A(a) | 1,486 | 45,620 |
Security Description | Shares | Value |
Discovery, Inc., Class C(a) | 1,607 | $45,719 |
DISH Network Corp., Class A(a) | 4,595 | 176,494 |
Dollar General Corp. | 636 | 85,962 |
Dollar Tree, Inc.(a) | 781 | 83,872 |
Dominion Energy, Inc. | 844 | 65,258 |
Dover Corp. | 673 | 67,435 |
Dow, Inc. | 843 | 41,568 |
DR Horton, Inc. | 3,751 | 161,781 |
DTE Energy Co. | 499 | 63,812 |
Duke Energy Corp. | 535 | 47,208 |
Duke Realty Corp. REIT | 1,087 | 34,360 |
DuPont de Nemours, Inc. | 575 | 43,165 |
DXC Technology Co. | 2,501 | 137,930 |
E*TRADE Financial Corp. | 544 | 24,262 |
Eastman Chemical Co. | 359 | 27,941 |
Eaton Corp. PLC | 1,238 | 103,101 |
eBay, Inc. | 1,108 | 43,766 |
Ecolab, Inc. | 217 | 42,844 |
Edison International | 2,902 | 195,624 |
Edwards Lifesciences Corp.(a) | 234 | 43,229 |
Electronic Arts, Inc.(a) | 1,860 | 188,344 |
Eli Lilly & Co. | 579 | 64,147 |
Emerson Electric Co. | 343 | 22,885 |
Entergy Corp. | 634 | 65,258 |
EOG Resources, Inc. | 456 | 42,481 |
Equifax, Inc. | 392 | 53,014 |
Equinix, Inc., REIT | 254 | 128,090 |
Equity Residential, REIT | 827 | 62,786 |
Essex Property Trust, Inc., REIT | 216 | 63,057 |
Estee Lauder Companies, Inc., Class A | 1,254 | 229,620 |
Everest Re Group Ltd. | 258 | 63,772 |
Evergy, Inc. | 775 | 46,616 |
Eversource Energy | 608 | 46,062 |
Exelon Corp. | 3,396 | 162,804 |
Expedia Group, Inc. | 340 | 45,230 |
Expeditors International of Washington, Inc. | 583 | 44,226 |
Extra Space Storage, Inc., REIT | 599 | 63,554 |
Exxon Mobil Corp. | 5,220 | 400,009 |
F5 Networks, Inc.(a) | 756 | 110,096 |
Facebook, Inc., Class A(a) | 357 | 68,901 |
Fastenal Co. | 2,453 | 79,943 |
Federal Realty Investment Trust, REIT | 216 | 27,812 |
FedEx Corp. | 393 | 64,527 |
Fidelity National Information Services, Inc. | 355 | 43,551 |
Fifth Third Bancorp | 1,260 | 35,154 |
First Republic Bank | 1,193 | 116,496 |
FirstEnergy Corp. | 1,471 | 62,974 |
Fiserv, Inc.(a) | 483 | 44,030 |
FleetCor Technologies, Inc.(a) | 105 | 29,489 |
FLIR Systems, Inc. | 2,531 | 136,927 |
Flowserve Corp. | 1,769 | 93,209 |
FMC Corp. | 405 | 33,595 |
Security Description | Shares | Value |
Foot Locker, Inc. | 2,000 | $83,840 |
Ford Motor Co. | 12,955 | 132,530 |
Fortinet, Inc.(a) | 1,366 | 104,950 |
Fortive Corp. | 279 | 22,744 |
Fortune Brands Home & Security, Inc. | 1,197 | 68,385 |
Fox Corp., Class A, Class A | 1,224 | 44,847 |
Fox Corp., Class B, Class B | 1,234 | 45,078 |
Franklin Resources, Inc. | 1,723 | 59,960 |
Freeport-McMoRan, Inc. | 16,197 | 188,047 |
Gap, Inc. | 3,558 | 63,937 |
Garmin Ltd. | 2,162 | 172,528 |
Gartner, Inc.(a) | 816 | 131,327 |
General Dynamics Corp. | 504 | 91,637 |
General Electric Co. | 6,323 | 66,392 |
General Mills, Inc. | 2,076 | 109,032 |
General Motors Co. | 3,628 | 139,787 |
Genuine Parts Co. | 754 | 78,099 |
Gilead Sciences, Inc. | 975 | 65,871 |
Global Payments, Inc. | 181 | 28,984 |
Goldman Sachs Group, Inc. | 900 | 184,140 |
H&R Block, Inc. | 2,255 | 66,072 |
Halliburton Co. | 4,541 | 103,262 |
Hanesbrands, Inc. | 7,803 | 134,368 |
Harley-Davidson, Inc. | 3,735 | 133,825 |
Hartford Financial Services Group, Inc. | 1,177 | 65,582 |
Hasbro, Inc. | 903 | 95,429 |
HCA Healthcare, Inc. | 908 | 122,734 |
HCP, Inc., REIT | 1,790 | 57,244 |
Helmerich & Payne, Inc. | 2,005 | 101,493 |
Henry Schein, Inc.(a) | 1,815 | 126,868 |
Hershey Co. | 701 | 93,955 |
Hess Corp. | 678 | 43,100 |
Hewlett Packard Enterprise Co. | 9,141 | 136,658 |
Hilton Worldwide Holdings, Inc. | 615 | 60,110 |
HollyFrontier Corp. | 4,812 | 222,699 |
Hologic, Inc.(a) | 2,704 | 129,846 |
Home Depot, Inc. | 629 | 130,813 |
Honeywell International, Inc. | 374 | 65,297 |
Hormel Foods Corp. | 6,245 | 253,172 |
Host Hotels & Resorts, Inc., REIT | 3,139 | 57,193 |
HP, Inc. | 12,994 | 270,145 |
Humana, Inc. | 548 | 145,384 |
Huntington Bancshares, Inc. | 2,582 | 35,683 |
Huntington Ingalls Industries, Inc. | 301 | 67,647 |
IDEXX Laboratories, Inc.(a) | 483 | 132,984 |
IHS Markit Ltd.(a) | 1,454 | 92,649 |
Illinois Tool Works, Inc. | 434 | 65,452 |
Illumina, Inc.(a) | 251 | 92,406 |
Incyte Corp.(a) | 833 | 70,772 |
Ingersoll-Rand PLC | 346 | 43,828 |
Intel Corp. | 1,245 | 59,598 |
Intercontinental Exchange, Inc. | 508 | 43,658 |
Security Description | Shares | Value |
International Business Machines Corp. | 957 | $131,970 |
International Flavors & Fragrances, Inc. | 174 | 25,246 |
International Paper Co. | 1,003 | 43,450 |
Interpublic Group of Companies, Inc. | 3,904 | 88,191 |
Intuit, Inc. | 453 | 118,382 |
Intuitive Surgical, Inc.(a) | 87 | 45,636 |
Invesco Ltd. | 2,786 | 57,002 |
IPG Photonics Corp.(a) | 163 | 25,143 |
IQVIA Holdings, Inc.(a) | 610 | 98,149 |
Iron Mountain, Inc., REIT | 1,087 | 34,023 |
Jack Henry & Associates, Inc. | 313 | 41,917 |
Jacobs Engineering Group, Inc. | 2,478 | 209,118 |
JB Hunt Transport Services, Inc. | 475 | 43,420 |
Jefferies Financial Group, Inc. | 9,591 | 184,435 |
JM Smucker Co. | 899 | 103,556 |
Johnson & Johnson | 1,231 | 171,454 |
Johnson Controls International PLC | 1,619 | 66,881 |
JPMorgan Chase & Co. | 785 | 87,763 |
Juniper Networks, Inc. | 3,886 | 103,484 |
Kansas City Southern | 277 | 33,744 |
Kellogg Co. | 1,712 | 91,712 |
KeyCorp. | 2,012 | 35,713 |
Keysight Technologies, Inc.(a) | 257 | 23,081 |
Kimberly-Clark Corp. | 1,611 | 214,714 |
Kimco Realty Corp. REIT | 1,535 | 28,367 |
Kinder Morgan, Inc. | 8,398 | 175,350 |
KLA-Tencor Corp. | 1,048 | 123,874 |
Kohl's Corp. | 1,806 | 85,875 |
Kraft Heinz Co. | 3,659 | 113,575 |
Kroger Co. | 15,994 | 347,230 |
L Brands, Inc. | 2,874 | 75,011 |
L3Harries Technologies, Inc. | 679 | 128,419 |
Laboratory Corp. of America Holdings(a) | 346 | 59,823 |
Lam Research Corp. | 650 | 122,096 |
Lamb Weston Holdings, Inc. | 1,796 | 113,795 |
Leggett & Platt, Inc. | 1,730 | 66,380 |
Lennar Corp., Class A | 3,219 | 155,993 |
Lincoln National Corp. | 1,359 | 87,588 |
Linde PLC | 128 | 25,702 |
LKQ Corp.(a) | 2,959 | 78,739 |
Lockheed Martin Corp. | 185 | 67,255 |
Loews Corp. | 3,222 | 176,147 |
Lowe's Cos, Inc. | 1,298 | 130,981 |
LyondellBasell Industries N.V., Class A | 499 | 42,979 |
M&T Bank Corp. | 205 | 34,864 |
Macerich Co. REIT | 833 | 27,897 |
Macy's, Inc. | 3,999 | 85,819 |
Marathon Oil Corp. | 2,989 | 42,474 |
Marathon Petroleum Corp. | 4,045 | 226,035 |
MarketAxess Holdings, Inc. | 405 | 130,175 |
Marriott International, Inc., Class A | 430 | 60,325 |
Marsh & McLennan Companies, Inc. | 251 | 25,037 |
Security Description | Shares | Value |
Martin Marietta Materials, Inc. | 385 | $88,592 |
Masco Corp. | 1,689 | 66,276 |
Mastercard, Inc., Class A | 111 | 29,363 |
Maxim Integrated Products, Inc. | 3,078 | 184,126 |
McCormick & Co., Inc. | 708 | 109,747 |
McDonald's Corp. | 1,890 | 392,477 |
McKesson Corp. | 972 | 130,627 |
Medtronic PLC | 442 | 43,046 |
Merck & Co., Inc. | 782 | 65,571 |
MetLife, Inc. | 1,767 | 87,767 |
Mettler-Toledo International, Inc.(a) | 27 | 22,680 |
MGM Resorts International | 3,117 | 89,053 |
Microchip Technology, Inc. | 691 | 59,910 |
Micron Technology, Inc.(a) | 1,761 | 67,957 |
Microsoft Corp. | 1,736 | 232,555 |
Mid-America Apartment Communities, Inc., REIT | 549 | 64,650 |
Mohawk Industries, Inc.(a) | 425 | 62,675 |
Molson Coors Brewing Co., Class B | 2,396 | 134,176 |
Mondelez International, Inc., Class A | 1,763 | 95,026 |
Monster Beverage Corp.(a) | 3,164 | 201,958 |
Moody's Corp. | 269 | 52,538 |
Morgan Stanley | 4,027 | 176,423 |
Mosaic Co. | 1,446 | 36,193 |
Motorola Solutions, Inc. | 1,076 | 179,401 |
MSCI, Inc. | 219 | 52,295 |
Mylan N.V.(a) | 15,206 | 289,522 |
Nasdaq, Inc. | 451 | 43,373 |
National Oilwell Varco, Inc. | 9,707 | 215,787 |
Nektar Therapeutics(a) | 1,937 | 68,918 |
NetApp, Inc. | 2,122 | 130,927 |
Netflix, Inc.(a) | 127 | 46,650 |
Newell Brands, Inc. | 6,689 | 103,144 |
Newmont Goldcorp Corp. | 4,800 | 184,656 |
News Corp., Class A | 3,645 | 49,171 |
News Corp., Class B | 3,532 | 49,307 |
NextEra Energy, Inc. | 312 | 63,916 |
Nielsen Holdings PLC | 3,739 | 84,501 |
NIKE, Inc., Class B | 1,240 | 104,098 |
NiSource, Inc. | 4,500 | 129,600 |
Noble Energy, Inc. | 4,918 | 110,163 |
Nordstrom, Inc. | 2,643 | 84,206 |
Norfolk Southern Corp. | 166 | 33,089 |
Northern Trust Corp. | 660 | 59,400 |
Northrop Grumman Corp. | 209 | 67,530 |
Norwegian Cruise Line Holdings Ltd.(a) | 1,059 | 56,794 |
NRG Energy, Inc. | 4,960 | 174,195 |
Nucor Corp. | 3,336 | 183,814 |
NVIDIA Corp. | 397 | 65,199 |
Occidental Petroleum Corp. | 787 | 39,570 |
Omnicom Group, Inc. | 1,086 | 88,998 |
ONEOK, Inc. | 2,676 | 184,136 |
Security Description | Shares | Value |
Oracle Corp. | 2,158 | $122,941 |
O'Reilly Automotive, Inc.(a) | 200 | 73,864 |
PACCAR, Inc. | 1,232 | 88,285 |
Packaging Corp. of America | 452 | 43,085 |
Parker-Hannifin Corp. | 263 | 44,713 |
Paychex, Inc. | 995 | 81,879 |
PayPal Holdings, Inc.(a) | 371 | 42,465 |
Pentair PLC | 2,422 | 90,098 |
People's United Financial, Inc. | 10,555 | 177,113 |
PepsiCo, Inc. | 731 | 95,856 |
PerkinElmer, Inc. | 928 | 89,404 |
Perrigo Co. PLC | 5,992 | 285,339 |
Pfizer, Inc. | 1,513 | 65,543 |
Philip Morris International, Inc. | 2,515 | 197,503 |
Phillips 66 | 2,267 | 212,055 |
Pinnacle West Capital Corp. | 483 | 45,445 |
Pioneer Natural Resources Co. | 274 | 42,158 |
PNC Financial Services Group, Inc. | 255 | 35,006 |
PPG Industries, Inc. | 370 | 43,183 |
PPL Corp. | 1,496 | 46,391 |
Principal Financial Group, Inc. | 1,028 | 59,542 |
Procter & Gamble Co. | 1,995 | 218,752 |
Progressive Corp. | 1,578 | 126,130 |
Prologis, Inc., REIT | 432 | 34,603 |
Prudential Financial, Inc. | 869 | 87,769 |
Public Service Enterprise Group, Inc. | 1,061 | 62,408 |
Public Storage, REIT | 266 | 63,353 |
PulteGroup, Inc. | 5,249 | 165,973 |
PVH Corp. | 735 | 69,560 |
Qorvo, Inc.(a) | 1,870 | 124,561 |
QUALCOMM, Inc. | 1,674 | 127,341 |
Quanta Services, Inc. | 5,135 | 196,106 |
Quest Diagnostics, Inc. | 569 | 57,930 |
Ralph Lauren Corp. | 577 | 65,541 |
Raymond James Financial, Inc. | 298 | 25,196 |
Raytheon Co. | 365 | 63,466 |
Realty Income Corp. REIT | 392 | 27,036 |
Red Hat, Inc.(a) | 1,242 | 233,198 |
Regency Centers Corp. REIT | 417 | 27,831 |
Regeneron Pharmaceuticals, Inc.(a) | 212 | 66,356 |
Regions Financial Corp. | 2,364 | 35,318 |
Republic Services, Inc. | 1,116 | 96,690 |
ResMed, Inc. | 730 | 89,082 |
Robert Half International, Inc. | 1,534 | 87,453 |
Rockwell Automation, Inc. | 138 | 22,609 |
Rollins, Inc. | 2,576 | 92,401 |
Roper Technologies, Inc. | 177 | 64,828 |
Ross Stores, Inc. | 854 | 84,648 |
Royal Caribbean Cruises Ltd. | 463 | 56,120 |
S&P Global, Inc. | 230 | 52,392 |
salesforce.com, Inc.(a) | 766 | 116,225 |
SBA Communications Corp. REIT | 152 | 34,176 |
Security Description | Shares | Value |
Schlumberger Ltd. | 2,701 | $107,338 |
Seagate Technology PLC | 2,922 | 137,685 |
Sealed Air Corp. | 973 | 41,625 |
Sempra Energy | 341 | 46,867 |
Sherwin-Williams Co. | 91 | 41,704 |
Simon Property Group, Inc., REIT | 176 | 28,118 |
Skyworks Solutions, Inc. | 2,402 | 185,603 |
SL Green Realty Corp. REIT | 394 | 31,666 |
Snap-on, Inc. | 591 | 97,893 |
Southern Co. | 846 | 46,767 |
Southwest Airlines Co. | 1,498 | 76,068 |
Stanley Black & Decker, Inc. | 686 | 99,202 |
Starbucks Corp. | 3,072 | 257,526 |
State Street Corp. | 1,168 | 65,478 |
Stryker Corp. | 331 | 68,047 |
SunTrust Banks, Inc. | 534 | 33,562 |
SVB Financial Group(a) | 527 | 118,359 |
Symantec Corp. | 5,940 | 129,254 |
Synchrony Financial | 2,540 | 88,062 |
Synopsys, Inc.(a) | 1,382 | 177,850 |
Sysco Corp. | 5,369 | 379,696 |
T Rowe Price Group, Inc. | 543 | 59,573 |
Take-Two Interactive Software, Inc.(a) | 1,562 | 177,334 |
Tapestry, Inc. | 3,503 | 111,150 |
Target Corp. | 982 | 85,051 |
TE Connectivity Ltd. | 1,070 | 102,485 |
TechnipFMC PLC | 4,267 | 110,686 |
Teleflex, Inc. | 135 | 44,705 |
Texas Instruments, Inc. | 1,608 | 184,534 |
Textron, Inc. | 1,744 | 92,502 |
Thermo Fisher Scientific, Inc. | 302 | 88,691 |
Tiffany & Co. | 1,137 | 106,469 |
TJX Cos, Inc. | 1,617 | 85,507 |
Torchmark Corp. | 967 | 86,508 |
Total System Services, Inc. | 226 | 28,989 |
Tractor Supply Co. | 731 | 79,533 |
TransDigm Group, Inc.(a) | 91 | 44,026 |
Travelers Companies, Inc. | 1,149 | 171,798 |
TripAdvisor, Inc.(a) | 1,420 | 65,732 |
Twitter, Inc.(a) | 1,790 | 62,471 |
Tyson Foods, Inc., Class A | 3,159 | 255,058 |
UDR, Inc., REIT | 1,393 | 62,532 |
Ulta Salon Cosmetics & Fragrance, Inc.(a) | 365 | 126,615 |
Under Armour, Inc., Class A(a) | 1,912 | 48,469 |
Under Armour, Inc., Class C(a) | 2,170 | 48,174 |
Union Pacific Corp. | 194 | 32,807 |
United Continental Holdings, Inc.(a) | 891 | 78,007 |
United Parcel Service, Inc., Class B | 637 | 65,783 |
United Rentals, Inc.(a) | 632 | 83,822 |
United Technologies Corp. | 516 | 67,183 |
UnitedHealth Group, Inc. | 562 | 137,134 |
Universal Health Services, Inc., Class B | 937 | 122,175 |
Security Description | Shares | Value |
Unum Group | 2,610 | $87,566 |
US Bancorp | 655 | 34,322 |
Valero Energy Corp. | 2,527 | 216,336 |
Varian Medical Systems, Inc.(a) | 330 | 44,923 |
Ventas, Inc., REIT | 1,723 | 117,767 |
VeriSign, Inc.(a) | 630 | 131,771 |
Verisk Analytics, Inc. | 355 | 51,993 |
Verizon Communications, Inc. | 2,959 | 169,048 |
Vertex Pharmaceuticals, Inc.(a) | 380 | 69,684 |
VF Corp. | 1,483 | 129,540 |
Viacom, Inc., Class B | 2,934 | 87,639 |
Visa, Inc., Class A | 169 | 29,330 |
Vornado Realty Trust, REIT | 521 | 33,396 |
Vulcan Materials Co. | 650 | 89,252 |
Wabtec Corp. | 634 | 45,496 |
Walgreens Boots Alliance, Inc. | 6,564 | 358,854 |
Walmart, Inc. | 3,558 | 393,123 |
Walt Disney Co. | 609 | 85,041 |
Waste Management, Inc. | 847 | 97,718 |
Waters Corp.(a) | 424 | 91,262 |
WEC Energy Group, Inc. | 767 | 63,945 |
WellCare Health Plans, Inc.(a) | 300 | 85,521 |
Wells Fargo & Co. | 1,891 | 89,482 |
Welltower, Inc., REIT | 1,398 | 113,979 |
Western Digital Corp. | 3,560 | 169,278 |
Western Union Co. | 4,292 | 85,368 |
Westrock Co. | 1,196 | 43,618 |
Weyerhaeuser Co. REIT | 3,355 | 88,371 |
Whirlpool Corp. | 477 | 67,906 |
Williams Companies, Inc. | 6,391 | 179,204 |
Willis Towers Watson PLC | 129 | 24,709 |
WW Grainger, Inc. | 285 | 76,446 |
Wynn Resorts Ltd. | 746 | 92,497 |
Xcel Energy, Inc. | 783 | 46,581 |
Xerox Corp. | 7,517 | 266,177 |
Xilinx, Inc. | 545 | 64,266 |
Xylem, Inc. | 1,064 | 88,993 |
Yum! Brands, Inc. | 3,536 | 391,329 |
Zimmer Biomet Holdings, Inc. | 551 | 64,875 |
Zions Bancorp NA | 3,843 | 176,701 |
Zoetis, Inc. | 584 | 66,278 |
INVESTMENTS IN COMMON STOCK—99.8% (Cost $45,199,812) | 50,852,112 | |
OTHER ASSETS IN EXCESS OF LIABILITIES—0.2% | 107,182 | |
NET ASSETS—100.0% | $50,959,294 |
(a) | Non-income producing security. |
NVDR=Non Voting Depositary Receipt |
PLC=Public Limited Company |
REIT=Real Estate Investment Trust |
INDUSTRY | PERCENTAGE OF NET ASSETS |
Business Software for Specific Uses | 3.5% |
Upstream Energy | 3.3 |
Downstream Energy | 3.3 |
Branded Pharmaceuticals | 3.3 |
Restaurants | 3.1 |
Processed Foods | 3.0 |
Food Distributors | 3.0 |
Capital Markets | 2.3 |
Commercial Insurance | 2.2 |
Commercial Hardware | 2.2 |
Electric Regulated | 2.2 |
Management and IT Services | 2.2 |
Content Providers | 2.1 |
Transaction Services | 2.1 |
End User Hardware | 2.1 |
Telecommunication Networks | 2.1 |
Internet Services and Websites | 2.1 |
Investment Services | 2.1 |
Operators and Developers | 2.0 |
Rental | 1.9 |
Consumer Insurance | 1.9 |
Electric Competitive | 1.9 |
Non Real Estate Banking | 1.9 |
Midstream and Gas | 1.8 |
Analog and Mixed Signal Integrated Circuits | 1.7 |
Home Office and Consumer Equipment Manufacture | 1.6 |
Auto Products | 1.6 |
Distribution Services | 1.6 |
Specialty Services | 1.5 |
Home Office and Consumer Equipment Retail | 1.5 |
Healthcare Insurance | 1.5 |
Transportation Services | 1.5 |
Alcohol and Tobacco | 1.5 |
Primary Foods | 1.5 |
Semiconductor Services and Equipment | 1.4 |
Mechanical Components | 1.4 |
Healthcare Providers and Facilities | 1.4 |
Drugstores | 1.4 |
Personal Products | 1.3 |
Chemicals | 1.3 |
Accessories and Footwear | 1.3 |
Diversified Household and Personal Products | 1.3 |
Transport Aerospace and Defense Equipment | 1.2 |
Digital Integrated Circuits | 1.2 |
Metals | 1.2 |
Medical Research Services and Equipment | 1.1 |
Medical Devices | 1.1 |
Production Equipment | 1.1 |
Information and Electrical Components | 1.1 |
INDUSTRY | PERCENTAGE OF NET ASSETS |
Industrial Conglomerates | 1.0% |
Other Natural Resources | 1.0 |
Diversified Drugs and Devices | 1.0 |
Healthcare Products Distribution | 1.0 |
Apparel Retailers | 1.0 |
Hospital Equipment | 1.0 |
Branded Apparel | 0.8 |
Operating Systems and Middleware | 0.5 |
Consumer Paper Products | 0.4 |
Business Software for Specific Industries | 0.2 |
Other Assets in Excess of Liabilities | 0.2 |
Total | 100.0% |
ASSETS | |
Investments in Securities, at value | $50,852,112 |
Cash | 71,668 |
Receivable from investment manager | 72,454 |
Receivable from investments sold | 128,461 |
Dividends receivable | 56,237 |
Total Assets | 51,180,932 |
LIABILITIES | |
Payable for investments purchased | 130,180 |
Accrued Management fee | 18,242 |
Accrued Other fees and expenses | 73,216 |
Total Liabilities | 221,638 |
NET ASSETS | $50,959,294 |
NET ASSETS CONSISTS OF: | |
Paid in Capital | 43,417,035 |
Accumulated Gain | 7,542,259 |
NET ASSETS | $50,959,294 |
NET ASSET VALUE PER SHARE | $47.40 |
SHARES OUTSTANDING | 1,075,000 |
COST OF INVESTMENTS: | |
Cost of Investments | $45,199,812 |
Since Inception(a) 6/30/19 (Unaudited) | |
INVESTMENT INCOME | |
Dividend income | $505,669 |
Total Investment Income | 505,669 |
EXPENSES | |
Management fee | 103,690 |
Trustee fee | 49,311 |
CCO fee | 24,656 |
Auditor fee | 17,998 |
Total Expenses | 195,655 |
Expense Waiver/Reimbursement | (125,399) |
Net Expenses | 70,256 |
NET INVESTMENT INCOME (LOSS) | 435,413 |
REALIZED AND UNREALIZED GAIN (LOSS) | |
Net realized gain (loss) on Investments | (534,616) |
Net change in unrealized appreciation/depreciation on Investments | 7,641,462 |
NET REALIZED AND UNREALIZED GAIN (LOSS) | 7,106,846 |
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS | $7,542,259 |
(a) | Fund commenced operations on January 2, 2019. |
Since Inception(a) 6/30/19 (Unaudited) | |
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | |
Net investment income (loss) | $435,413 |
Net realized gain (loss) | (534,616) |
Net change in unrealized appreciation/depreciation | 7,641,462 |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | 7,542,259 |
INCREASE (DECREASE) IN NET ASSETS FROM SHARE TRANSACTIONS: | |
Proceeds from Shares Sold | 49,557,607 |
Cost of Shares Redeemed | (6,240,572) |
NET INCREASE (DECREASE) IN NET ASSETS DURING THE PERIOD | 50,859,294 |
NET ASSETS AT BEGINNING OF PERIOD | 100,000 |
NET ASSETS AT END OF PERIOD | $50,959,294 |
SHARE TRANSACTIONS: | |
Shares sold | 1,225,000 |
Shares redeemed | (150,000) |
NET INCREASE | 1,075,000 |
(a) | Fund commenced operations on January 2, 2019. |
For the Period 1/2/19 to 6/30/19 (Unaudited) | |
Net asset value, beginning of period | $40.00 |
Income (loss) from investment operations: | |
Net investment income (loss)(a) | 0.42 |
Net realized and unrealized gain (loss) | 6.98 |
Total from investment operations | 7.40 |
Net asset value, end of period | $47.40 |
Total return(b) | 18.51%(c) |
Ratios and Supplemental Data: | |
Net assets, end of period (000s) | $50,959 |
Ratios to average net assets: | |
Total expenses | 0.84%(d) |
Net expenses(e) | 0.30%(d) |
Net investment income (loss)(e) | 1.88%(d) |
Portfolio turnover rate(f) | 23%(c) |
(a) | Per Share numbers have been calculated using the average shares method, which more appropriately presents per Share data for the year. |
(b) | Total return is calculated assuming a purchase of Shares at net asset value per Share on the first day and a sale at net asset value per Share on the last day of each period reported. Distributions are assumed, for the purposes of this calculation, to be reinvested at the net asset value per Share on the respective payment dates of the Fund. Total return for a period of less than one year is not annualized. Broker commission charges are not included in this calculation. Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | Net of expenses waived/reimbursed by the Advisor. |
(f) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions of Shares. |
Investment Valuation
• | Level 1 — Quoted prices in active markets for identical investments |
• | Level 2 — Other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3 — Significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments) |
Description | Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total |
ASSETS: | ||||
INVESTMENTS: | ||||
Common Stock | $50,852,112 | $— | $— | $50,852,112 |
Distribution of Income and Gains: The Fund declares and pays dividends annually from net investment income. Net realized gains, if any, are distributed at least annually. Distributions from net realized gains for book purposes may include short-term capital gains, which are included as ordinary income for tax purposes.
The Fund has reviewed its tax positions and has determined that no provision for income tax is required in the Fund’s financial statements. Generally, the Fund’s tax returns for the prior three fiscal years remain subject to examinations by the Fund’s major tax jurisdictions, which include the United States of America, and the State of New York. The Fund recognizes interest and penalties, if any, related to tax liabilities as income tax expense in the Statement of Operations. There were no such expenses for the period ended June 30, 2019.
Tax Cost | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation (Depreciation) | ||||
Syntax Stratified LargeCap ETF | $45,199,812 | $7,050,202 | $(1,397,902) | $5,652,300 |
months following the month in which fees are waived or reimbursed, if the Fund is able to make the payment without exceeding the applicable expense limitation.
Equity Risk. Equity risk is the risk that the value of the securities that the Fund holds will fall due to general market and economic conditions, perceptions regarding the industries in which the issuers of securities the Fund holds participate or factors relating to specific companies in which the Fund invests. For example, an adverse event, such as an unfavorable earnings report, may depress the value of securities the Fund holds; the price of securities may be particularly sensitive to general movements in the stock market; or a drop in the stock market may depress the price of most or all of the securities the Fund holds. In addition, securities of an issuer in the Fund’s portfolio may decline in price if the issuer fails to make anticipated dividend payments because, among other reasons, the issuer of the security experiences a decline in its financial condition.
Actual | Hypothetical (assuming a 5% return before expenses) | ||||||||
Annualized Expense Ratio | Ending Account Value | Expenses Paid During Period(a) | Ending Account Value | Expenses Paid During Period(a) | |||||
Syntax Stratified LargeCap ETF | 0.30% | $1,185.10 | $1.62 | $1,023.30 | $1.51 |
(a) | Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 180 and 181 for the Fund and the Hypothetical numbers shown, then divided by 365. |
110 E. 59th St. 31st Floor
New York, NY 10022
One Lincoln Street
Boston, MA 02111
Three Canal Plaza, Suite 100
Portland, ME 04101
200 Claredon Street
Boston, MA 02116
Item 2: | Code of Ethics. |
Not applicable for semi-annual reports
Item 3: | Audit Committee Financial Experts. |
Not applicable for semi-annual reports.
Item 4: | Principal Accountant Fees and Services. |
Not applicable for semi-annual reports.
Item 5: | Audit Committee of Listed Registrants. |
Not applicable for semi-annual reports.
Item 6: | Schedule of Investments. |
(a) | The schedules of investments are included in the Semi-Annual Report to shareholders filed under Item 1 of this Form N-CSR. |
(b) | Not applicable. |
Item 7: | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8: | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
Item 9: | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not Applicable
Item 10: | Submission of Matters to a Vote of Security Holders. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees that have been implemented since the Registrant last provided disclosure in response to the requirements of this Item.
Item 11: | Controls and Procedures. |
(a) | The Registrant’s principal executive officer and principal financial officer evaluated the Registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are appropriately designed to ensure that information required to be disclosed by the Registrant in the reports that it files on Form N-CSR (a) is accumulated and communicated to Registrant's management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission. |
(b) | The Registrant’s principal executive officer and principal financial officer are aware of no change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal half-year that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 12: | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not Applicable
Item 13: | Exhibits. |
(a)(1) | Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.Not applicable. |
(a)(2) | Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.Separate certifications for Registrant's principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the 1940 Act, are attached. |
(a)(3) | Any written solicitation to purchase securities under Rule 23c 1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable. |
(a)(4) | Change in the registrant’s independent public accountant. Not applicable. |
(b) | Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. A certification for Registrant's principal executive officer and principal financial officer, as required by Rule 30a-2(b) under the 1940 Act, is attached. The certification furnished pursuant to this paragraph is not deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to liability of that section. Such certification is not deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the Registrant specifically incorporates it by reference. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Syntax ETF Trust | ||
(Registrant) | ||
By: | /s/ Rory Riggs | |
Rory Riggs | ||
CEO | ||
(Principal Executive Officer) | ||
Date: | September 3, 2019 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Rory Riggs | ||
Rory Riggs | |||
CEO | |||
(Principal Executive Officer) | |||
Date: | September 3, 2019 | ||
By: | /s/ Kathy Cuocolo | ||
Kathy Cuocolo | |||
Treasurer | |||
(Principal Financial Officer) | |||
Date: | September 3, 2019 |
EXHIBIT INDEX